Hi guys, yesterday there was an interview with Buzzcoin dev team, and many important questions about the project were asked and answered. I gathered all the important questions and answers from the "Ask me anything" session and put them in this article for those who missed it. After this session, Im now more excited about the future of Buzzcoin:
https://medium.com/@TheGoldenOrder/ask-me-anything-session-with-buzzcoin-dev-team-63ad2c1745f5Some of the most important questions and answers:
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Question #2:
The use case for buzzcoin IS unique. How many other nonprofit blockchain organizations such as yourself are out there that you are aware of that are in direct competition with what you’re trying to accomplish here?
Maxim:
There are many projects out there that do hive sensors, as said, we are working on the prototype since almost 8 months now, this gives us a nice advantage. We are trying to get as many beekeepers as possible to use the device that is not going to be expensive as some ppl might think.
Today its not uncommon to use hive sensors, it gives you a great insight into your hive health, by implementing our device the BC-HMD, you benefit in 2 ways, first of all the device will reward you in buzzcoin depending on how healthy you keep your hive, and second, the hive sensor device is like a hardware dongle, secured by the blockchain, if it gets stolen its rendered useless.
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Question #4:
Great, here’s another one to expand on the actual usage of BC-HMD: How will you commit to the ledger at full supply? What party or device will be handling the processing?. It’s been mentioned that a core upgrade to the way staking works is on it’s way as per the whitepaper. This new blockchain will be a big upgrade and no one in the competition has that new, game-changing algorithm. Can you comment on this? What’s the importance of blockchain in your project and how does it impact the business model?
Maxim:
Buzz is currently based on a very old code that had many patches and forks implemented, this is why we are doing a core upgrade, we called it that way since back then it was not clear if we could rewrite it or if we would have to do a coin or chain swap to get all the modern features we need to get the BC-HMD implemented. What I can tell you today is that we will do a coinswap, fixing the max supply, and getting the new features ready for the BC-HMD test phase that should start soon.
The coinswap is definitely not going to be 1:1 since we want to create a coin that has real value. To explain it: the BC-HMD sensor collects the data in the hive, then it either uploads it directly to the chain, or the beekeeper downloads the data on location, this creates the reward for the Proof of Stake wallet that is the masternode device the BuzzCoin Queen Middleware Masternode (BC-QMM) these two interact, the health data from the hive is visible in a cloud based app on the pc or the mobile. All the BC-HMD devices and the BC-QMM devices will create a worldwide network that governments and organisations can access by paying buzzcoin!!! This means they must buy the coin to get access to the data. Some percentage of every sold device will be used to buy buzzcoin, this will ensure a rising price and a constant payment to the beekeepers for sharing their data. Also its not possible to transfer the data securely without a blockchain and its not possible to establish the rewards system without a blockchain.
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Question #8:
On staking: What is the intrinsic value of BUZZ within the ecosystem proposed and mentioned in the whitepaper? Further more, how does this compare to any other beehive monitoring device and independent staking of any of the coins since the way apiarists would make money is by staking.
Maxim:
Buzzcoin wont be a normal staking coin, yes there will be a staking reward for normal wallets, and yes there will be super-nodes that need a certain amount of coins to stake, but the rewards will be lower than the rewards for the bee-keepers. The way we will do it, will ensure that every sale of a BC-HMD will be a buy of buzzcoin on an exchange, this will ensure a price rise, but buzzcoin wont be a regular high reward staking coin.
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Question #5:
The devices are supposed to be connected to Internet. Would they be connected 24 x 7 to provide real time data? Wouldn’t the WIFI waves be harmful for bees?. Do these operate in Power saving mode?
Maxim:
The device itself doesnt need a permanent connection, since power and wifi are mostly not available on a hive location. The device will be connected over 4G if cellular network is available, and the connection time is only around 5 to 8 minutes per day!! We are also testing a cloth based EM shielding for the devices, but this is a very complicated task since the temp in the hive must be kept stable.
Claudia:
If I might break in, regarding the power supply and network questions… you can see from the blue prints in the whitepaper that there is a battery that doesn’t require charging for 6 months.
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Question #12:
Do you have plans to list on more exchanges? Can the #buzzfam community help in any way collectively? Will it only be marketed to the bee farming community and research groups?
Maxim:
Yes, we even have a green light on several exchanges, but since the latest bips cant be implemented in the old code, this will come along as soon as the core upgrade is live. Regarding marketing, we will not start any huge marketing efforts before we can present the device, since we are not interested in announcing an announcement and re announce it later. The marketing is being worked on big time, but due to the NDA not much can be published at the moment.
This post was edited by Golden_Order on May 2 2018 07:15am